Bayesian Control Charts Using Gamma Prior
[Full Text]
AUTHOR(S)
Amin Shaka Aunali; Venkatesan D. and Michele Gallo
KEYWORDS
Statistical Process Control, Bayesian control chart, control limits, Prior and Posterior distribution, Gamma distribution
ABSTRACT
The SPC (statistical process control) method is the most common method for the most efficient evaluation of the production process based on the sampling inspection and the chart performance. This problem is currently being studied in the economic planning of control charts and more recently in adaptive control charts. The traditional approach to the control charts' design uses the traditional structure of the control charts to determine the values of the parameters of the chart, that is, the sample size, sampling intervals, and control limits for meeting economic or statistical needs. Under the Bayesian approach, one can focus on defining the best control policy based on the posterior, thereby reducing the total expected costs in the finite time horizon or the average expected long-term costs. In this paper, the Bayesian control chart is developed using Bayesian approach by employing Gamma prior distribution, which is considered as generalization of exponential prior distribution.
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